Blockchain technology is one of the most valuable technological innovation. It has captured the imagination and interest of business owners across the globe.
However, an important question such as do blockchain help in bringing change in the world through the way traditional business works?
Its definite answer is YES !!
Blockchain technology is best suited for a scenario wherein ownership histories are important. It provides additional, more unique benefits such as:
- The chronologically recorded data is highly secure and are time stamped.
- The decentralized transactions that take place are not only transparent, they cannot be altered or deleted.
- It provides a strong ledger system.
- Its decentralized distributed network of systems creates confidence in the data.
- Blockchain provides trusted systems for information management, data, and digital assets that can be accessed in real-time.
There are multiple means blockchain technology revolutionizes the way the data is stored, businesses are run, and this does not limit it to the exchange of cryptocurrency only.
Blockchain technology’s growing impact can be found in various areas and industries as listed below:
1. Public Projects: Recently the Indian Ministry of Electronics and Information Technology proposed a blockchain project named Vajra planned by the National Payments Corporation of India for different payment organizations. This was a firm step in the digitalization of the payments with robust record keeping. Another potential use of Blockchain technology is in an e-voting system that would simplify, speed up, and reduce the cost of elections without historic data being changed or deleted.
2. Education Industry: With increased focus on online learning, there are currently multiple platforms that are leveraging the blockchain projects in education. Blockchain-based ledger technologies for education have enabled maintaining accurate student attendance records, courses, payment towards tuition certification and many other benefits.
3. Hospitality and Travel Industry: Blockchain technology enables the hospitality industry to flawlessly do their customer identity verification through fingerprint or bar code. Powered by artificial intelligence semi or fully automated, human interaction software called chat-bots cater to customer queries and responses. Blockchain provides better ways to make a transaction and store and use information through cryptography or high-security encryption.
4. Healthcare Industry - There are multiple digital platforms such as ‘Patientory’ which is one of the enormous libraries that maintains data pertaining to patients and healthcare. Such digital platforms use the benefits of blockchain technology of a strong record-keeping of decentralized transactions. The record-keeping is transparent and is not altered or deleted. Across the globe, healthcare companies use blockchain technology for securing data related to patients' identity, medical prescription, medical inventory, specialized medicare, etc.
With the above listed obvious Blockchain-based innovation and intervention, it's needless to say that Blockchain technology holds the power to revolutionize the world. In the context of blockchain technology, the way we interact with data, its management, transparency and security would further change. In this setting, Blockchain Community India through its strong community network provides a collaborative platform to help the traditional business make the best use of blockchain technology.